Stay informed and ahead of the curve with our December edition of Law and Regulations.The Vision Advocates and Legal Consultants bring you the most recent insights and analysis on pressing legal issues. Discover valuable information and expert advice to help you navigate the evolving legal landscape with confidence.
Technical Regulation for Tanks (Dry Gas Transport Tanks)
A new technical regulation for dry gas tanks (LNG, CNG) was adopted in the Kingdom of Saudi Arabia on October 3, 2024. The regulation aims to determine the requirements for the design, manufacture and testing of gas tanks to ensure the safety and quality of products in accordance with the approved standard specifications. Requirements include: necessary licenses, an effective quality management system, safety equipment, and obtaining a certificate of conformity from accredited bodies. The regulation also imposes penalties for violations, including the withdrawal or destruction of non-conforming products. The regulation shall be applied within 180 days of its publication, with a period of up to 365 days to rectify the situation.
https://uqn.gov.sa/details?p=26830
Regulations under the International Convention on the Control of Ship Systems Resistant to Adhesion of Impurities with Harmful Effects
Regulations under the International Convention on the Control of Ship Systems Resistant to Adhesion of Impurities with Harmful Effects. The regulation aims to protect the marine environment from pollution resulting from the accumulation of impurities on ships, and to control ship systems resistant to these impurities. It includes Saudi and foreign vessels in Saudi waters and specifies inspection requirements, certificates, and control procedures. The regulation requires ships to submit certificates or declarations regarding these systems, specifying control procedures and penalties for violations of up to 50,000 riyals.
https://uqn.gov.sa/details?p=26868
The Ministry of Commerce urges companies to deposit their financial statements and avoid the financial fine, which is increased by 50% in case of repetition
The Commerce Department urges companies to file their financial statements and avoid financial penalties. The Ministry stressed the need for managers or chairmen of the boards of directors of companies to submit financial statements within 6 months from the end of the fiscal year in accordance with the Companies Law. Ministerial Resolution (239) includes the imposition of fines on violators, varying according to the type of company and the size of the capital. In case of repeated violation, the fine will be increased by 50%.
https://mc.gov.sa/ar/mediacenter/News/Pages/30-12-24-01.aspx
- This new regulations are summarized for guidance, for more information please visit the provided links, and for clarifications and implementation contact The Vision Advocates.
